Outgoing Google Chief Executive Eric Schmidt plans to sell shares in the company over the next year that could be worth $335 million, reports the Los Angeles Times’ Technology blog.
Schmidt’s plans for a rich goodbye came in a regulatory filing with Google’s fourth-quarter earnings report, both filed with the U.S. Securities and Exchange Commission, the story notes.
In the filing, Google said that Schmidt plans to sell 6% percent of his shares in Google over the next year in a planned-out trading program, the story notes. Schmidt owned 9.2 million shares in Google as of Dec. 31, 2010, worth about $5.8 billion.
"Using this trading plan, Eric can diversify his investment portfolio and can spread stock trades out over a period of one year to reduce market impact," Google said in the filing.